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Test 5 - Chapter 6

Claudia Voin 10 preguntas

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Preguntas del test (10)

  1. 1When goods are purchased for resale by a company using a periodic inventory system
    1. Apurchases are debited to Merchandise Inventory
    2. Bpurchases are debited to Purchases
    3. Cpurchase returns are debited to Purchases R&A
    4. Dfreight costs are debited to Purchases
  2. 2In determining cost of goods purchased
    1. Abeginning inventory is added to net purchases
    2. Bfreight out is added to net purchases
    3. Cpurchase R&A are deducted from net purchases
    4. Dfreight in is added to net purchases
  3. 3Which of the following should not be included in the physical inventory of a company
    1. Agoods held on consignment from another company
    2. Bgoods shipped on consignment from another company
    3. Cgoods in transit purchased from a manufacturer shipped FOB shipping point
    4. Dnone of the above
  4. 4If beginning inventory is 60 000, cost of goods purchased is 380 000, and ending inventory is 50 000. CoGS=?
    1. A330k
    2. B370k
    3. C390k
    4. D420k
  5. 5A multiple step income statement in a periodic inventory system differs from that in a perpetual inventory system because it has
    1. Aa detailed cost of goods section
    2. Bnet sales
    3. Cgross profit
    4. Doperating expenses
  6. 6FOB shipping point indicates that
    1. Athere are no shipping charges involved
    2. Bthe seller and the purchaser split shipping charges
    3. Cthe seller will record shipping charges on their books
    4. Dthe purchaser will record shipping charges on their books
  7. 7Current ratios for four companies are provided below, Select the current ratio of the company in the best position
    1. A1.31:1
    2. B2.10:1
    3. C2.30:1
    4. D0.44:1
  8. 8Inventory turnover stats for four companies are provided below. Select the inventory turnover of the company in the best position
    1. A4.57 times
    2. B2.10 times
    3. C10.92 times
    4. D8.44 times
  9. 9Which of the following would be considered a selling expense?
    1. AFreight In
    2. BAmortization Expense - Display Fixtures
    3. CAmortization Expense - Office Equipment
    4. DLoss on Sale of Display Fixtures
  10. 10In a periodic inventory system, cost of goods sold is recorded
    1. Aon a daily basis
    2. Bon a monthly basis
    3. Con an annual basis
    4. Dwith each sale

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Grade 12 Accounting Midterm Prep
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English
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